Tanya Kumari — February 25, 2020 Startups are born out of ideas but how they turn out depends largely on how well they are executed.
A successful startup is the product of an innovative and path-breaking idea that was executed by experts in the niche. Startups that fail, on the other hand, are nothing but average ideas or even superb ideas but with a wrong execution. However, the number of failed startups is nine times more than the number of successful startups.
Simply said, if ten entrepreneurs launch ten different types of startups, nine out of them would fail and only one would succeed. So, what’s the mantra of the one startup that beats the odd and succeeds?
Startups that succeed share many common traits that could now be clubbed as the startup product success mantra. As an entrepreneur, you can also follow the same mantra to succeed with your startup idea.
Market Need: Provide Solution Or Simplify Things
Entrepreneurs need to have their minds set on one thing- launching a product that caters to the market needs. Think of it in this way: Would you buy software that just stores the data of all your employees? No, right! But what about software that not only stores the data of the employees but also keeps their leaves records, calculates their salaries, stores documents for collaboration, lets you sieve through employee database using various filters and much more?
Wouldn’t you be a bit excited to buy this software that combines the power of so many types of software and would take care of almost all your tasks?
This is what you need to take care when building your product/MVP or getting product engineering services.
As per a report, over 42% of the startups fail because there was no market need for the product they launched. You need to develop a product that your target audience wants. In fact, it should take them by surprise by telling them that they had a problem and your product is the solution for the same.
Flow Of Cash: Have Money in Hand
Running out of cash is the second biggest reason for startup failure. Over 29% of startup founders have agreed to this!
Secure funding is imperative to keep your startup running through the early stages when the revenue might be really low. Capital is required to get your startup off the ground. Depending on the type of product you are developing and the market you are targeting with it, you need to be sure that you have enough capital to keep thriving. Your product development costs might be covered in a thousand dollars or might require millions to keep going. The Australian market seems a bit slow at first, but once you have seeped into the market, you will thrive. However, till the time you haven’t established yourself, the cash flow should be consistent.
Startup Team: Dream Team For Success
Apart from the startup product idea, funding, and marketing strategy, it is important that you surround yourself with the right people to get your product development done. You need a dream team to realize your startup dream. There are a number of tasks involved in launching your startup. You’ll need developers, marketers, and other staff members to run your startup company. You can also join hands with web development companies to hire extended teams or dedicated developers and form your startup team.
In the technology industry, 5 is the right number of members one should have, according to a study. The numbers vary with industry but the talent you hire for your startup should remain consistently great. If you have a cash crunch, you can turn to distributed teams that would work as an extension of your firm. This model of working can also take your startup to great heights and help you find niche experts at a much lower fee.
Marketing Strategy: Soar High Above Your Competitors
The digital ecosystem is ballooning and you need to have an effective digital marketing strategy in place to make your online presence felt and stay competitive. Irrespective of the industry you target, you will always find bigger established companies to compete with. Over 19% of the startups fail because they get out-competed and are unable to sustain through the competitive environment. Without a proper marketing strategy in place, you might even find it difficult to acquire even a single customer for the first few months of your product’s launch.
And this is not just when you are trying to enter a saturated market. This holds true even when you are launching a totally new product in the market. Your business plan should contain a solid marketing plan, including organic and paid marketing, to mark your digital footprints. Try all means of marketing, including but not limited to:
- Search Engine Optimization
- Search Engine Marketing
- Social media Marketing
- Email Marketing
- Content Marketing
- Affiliate Marketing
In A Nutshell
Launching a startup is not everyone’s cup of tea. You need the entrepreneurial spirit and the ‘Can Do’ attitude to make it big. But moreover, you need to ensure your product idea is something that you work well with your target audience, have the capital flowing, have built a great team, and have a marketing plan in hand as well.
Launching a startup product in the market is not easy. You will be faced with tough competition from the established enterprises in the industry and will also have to tackle any unforeseen circumstances. Here, your entrepreneurial spirit and ‘Can Do’ attitude will keep you going here.
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